Goldman Sachs 2007 Annual Report Download - page 21

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We see opportunity
In every step
TAIWAN SEMICONDUCTOR
MANUFACTURING COMPANY
LIMITED
The Goldman Sachs approach
in Asia mirrors its practice in the
U.S. and Europe
—
a focus on
developing long-term client
relationships that promote both
the client’s growth and ours. In this
dynamic market, Goldman Sachs
has pursued the model of building
relationships with high-quality
companies at the beginning of
their life cycle where our experience
and expertise can make an
immediate impact.
Our relationship with Taiwan
Semiconductor Manufacturing
Company Limited (TSMC) is a
perfect example. Since leading their
first international equity offering
over 10 years ago, Goldman Sachs
has played a role in virtually every
significant market transaction
TSMC has undertaken, totaling
over $12 billion.
At the beginning of 2007, Goldman
Sachs worked with TSMC and
Royal Philips Electronics (Philips),
a significant TSMC stockholder,
to devise a plan to facilitate an
orderly disposal of TSMC shares
by Philips. In a multiphased
plan announced in March 2007,
Goldman Sachs first executed a
$1.75 billion block trade with
domestic Taiwanese institutions,
then successfully marketed a
follow-on offering of secondary
shares totaling $2.56 billion, and
finally advised on the buyback
of $1.5 billion of TSMC shares.
19Goldman Sachs 2007 Annual Report